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Ryerson University acquires Sam the Record Man, three additional properties

Students to benefit from new Student Learning Centre, future flexibility
TORONTO, Jan. 18 /CNW/ - Ryerson University has acquired Sam the Record
Man's former location at the corner of Yonge and Gould Streets, and three
additional properties in order to provide space for programs and services
urgently needed by students, including more student study space, and an
expanded Student Learning Centre.
"Today, we are announcing a major investment in the future of Ryerson
University to benefit students for generations to come," said Sheldon Levy,
president of Ryerson.
Ryerson has purchased the Sam's property directly from the Sniderman
family, along with two additional properties the family owned on the Ryerson
campus: a small office building at 110 Bond Street, and a parking lot on the
west side of Church Street north of Dundas.
Ryerson has also acquired a fourth property at 351-353 Yonge St, a former
Future Shop retail outlet adjacent to Sam's. The total value of the four
properties is $40 million.
Ryerson is in the midst of developing a Master Plan, a framework to
revitalize the campus over the next 20 years and act as a catalyst for change
and renewal in the surrounding neighbourhood. The acquisition of the former
Sam's and Future Shop properties is a bold step forward, giving Ryerson a
gateway on Yonge Street and the opportunity to play a key role in redeveloping
Toronto's main thoroughfare and downtown core.
"In March 2006, we declared our intention to focus on 'the University as
city-builder,' and this is a step toward that goal," said Levy. "With
energetic partnerships and great ideas, our aim is to move Ryerson and Toronto
forward together."
Added Levy: "At the Yonge-Gould corner, our first priority is to provide
a state-of-the-art Student Learning Centre and student space. We will involve
students, and the whole Ryerson community, in defining how best to use the
space. We are in discussions with the provincial government for funding to
assist in building, and we are working closely with the City of Toronto to
ensure that the legacy of Sam the Record Man is honoured. We will also involve
the local business community and our own Ryerson retail experts to identify
ground-level retail opportunities."
The other two properties, the Church Street parking lot and 110 Bond
Street, are strategic purchases that will provide Ryerson with much needed
space and flexibility for the future.
"We are especially pleased to have been able to work with the Sniderman
family on a purchase agreement for the acquisition of Sam's and other
properties," said Levy. "I would also like to recognize Councillor Kyle Rae
and our MPP, the Hon. George Smitherman. Their dedication to a strong
university and a vibrant downtown Toronto has provided invaluable insight and
support."
"I applaud Ryerson University and the Sniderman family for reaching an
agreement which will dramatically revitalize Yonge Street, and also allow the
university to maintain its momentum by providing future growth opportunities,"
said Councillor Rae, whose ward includes the Ryerson precinct. "This is
wonderful news and will deliver tremendous benefits to our community and our
city."